What happened Shares of Axon Enterprise Inc (NASDAQ: AAXN) jumped as much as 22.1% in trading Thursday as the market returned to some sort of "normal" trading. There wasn't any significant news out about the company, but that didn't seem to deter buyers of this growth stock. At 3:10 p.m. EDT, shares were still up 15.4% for the day. So what Shares of Axon have dropped 30% in the past month as the COVID-19 pandemic has sent the market down as a whole. But sometimes stocks like Axon get thrown out with the bathwater as the market sells off, and that may be reversing course today. Image source: Getty Images. The reality is that Axon's current business won't be significantly impacted by the outbreak. Law enforcement contracts will still be paid, which accounted for $161 million of recurring revenue at the end of 2019. And budgets for new equipment for 2020 will likely still drive new orders. The rate of new sales may slow and some agencies may be more cautious about spending money, but this isn't likely to be an existential crisis for Axon the way it is for cruise lines, airlines, or the restaurant industry. Now what While there might be hiccups for Axon in 2020, I think the big decline in shares over the past month has presented a buying opportunity for investors. When COVID-19 passes (however long that is), the company will remain the top provider of tasers and body cameras for law enforcement, addressing an $8.4 billion market. That's what long-term investors should remain focused on, even if there are some short-term impacts due to turmoil in the economy and stock market. 10 stocks we like better than Axon EnterpriseWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Axon Enterprise wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 Travis Hoium owns shares of Axon Enterprise. The Motley Fool owns shares of and recommends Axon Enterprise. The Motley Fool has a disclosure policy.Source